Marble Ideas Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02710610 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2017

for

Marble Ideas Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

13

DIRECTOR:

S Buck

SECRETARY:

T Johns

REGISTERED OFFICE:

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

REGISTERED NUMBER:

02710610 (England and Wales)

ACCOUNTANTS:

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

FIXED ASSETS

Tangible assets

4

1,058,934

1,044,888

CURRENT ASSETS

Stocks

62,430

21,236

Debtors

5

788,526

838,605

Cash at bank and in hand

553,456

823,561

1,404,412

1,683,402

CREDITORS

Amounts falling due within one year

6

399,168

665,479

NET CURRENT ASSETS

1,005,244

1,017,923

TOTAL ASSETS LESS CURRENT LIABILITIES

2,064,178

2,062,811

CREDITORS

Amounts falling due after more than one year

7

(329,206

)

(222,733

)

PROVISIONS FOR LIABILITIES

(114,097

)

(137,889

)

NET ASSETS

1,620,875

1,702,189

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,620,775

1,702,089

SHAREHOLDERS' FUNDS

1,620,875

1,702,189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 19 December 2017 and were signed by:

S Buck - Director

1.	STATUTORY INFORMATION

Marble Ideas Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31st May 2017 are the first financial statements of

Marble Ideas Limited prepared in accordance with Section 1A of FRS 102, the Financial Reporting

standard applicable in the UK and Republic of Ireland. The date of transition to Section 1A of FRS 102

was 1st June 2015. The reported financial position and financial performance for the previous period

are not affected by the transition to Section 1A of FRS 102

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make

judgements, estimates and assumptions about the carrying values of assets and liabilities that are

not readily apparent from other sources. The estimates and underlying assumptions are based on

historical experience and other factors that are considered to be relevant. Actual results may differ

from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects

both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Turnover represents the value of services provided under contracts to the extent that there is a right

to consideration and is recorded at the value of the consideration due. Where a contract has only

been partially completed at the balance sheet date turnover represents the value of the service

provided to date based on a proportion of the total expected consideration at completion. Where

payments are received from customers in advance of services provided, the amounts are recorded

as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and Buildings

-

2% on cost

Short leasehold

-

Straight line over 6 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Land & Buildings, Short Leasehold, Plant & Machinery, Fixtures & Fittings and Motor Vehicles are

stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets

to determine whether there is any indication that any items have suffered an impairment loss. If any

such indication exists, the recoverable amount of an asset is estimated in order to determine the

extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying

amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an

expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to

the revised estimate of its recoverable amount, to the extent that the increased carrying amount

does not exceed the carrying amount that would have been determined ( net of depreciation ) had

no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is

recognised as income immediately.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out.

Net realisable value represents estimated selling price less costs to complete or sell. Provision is

made for slow moving, obsolete or damaged stock where the net realisable value is less than the

cost.

Financial instruments

The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and

Section 12 ' Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the

company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legally enforceable right to set off the recognised amounts and there is an intention

to settle on a net basis or to realise the asset and settle the liability simultaneously.

Non-derivative financial instruments

Non-derivative financial instruments comprise trade and other debtors, cash at bank and in hand,

and trade and other creditors.

Trade and other debtors

Trade and other debtors are recognised initially at fair value and thereafter stated at amortised cost

using the effective interest method, less impairment losses for bad and doubtful debts except where

the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less

impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are recognised initially at fair value and thereafter stated at amortised

cost using the effective interest method unless the effect of discounting would be immaterial, in

which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and

other short-term highly liquid investments with original maturities of three months or less and bank

overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or

current liabilities when applicable

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as

reported in the statement of comprehensive income because of items of income or expense that are

taxable or deductible in other years and items that are never taxable or deductible. The Company's

liability for current tax is calculated using tax rates that have been enacted or substantively enacted

by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and

liabilities in the financial statements and the corresponding tax bases used in the computation of

taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences.

Deferred tax assets are generally recognised for all deductible temporary differences to the extent

that it is probable that taxable profits will be available against which those deductible timing

differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of

each reporting period and reduced to the extent that it is no longer probable that sufficient taxable

profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the

period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that

have been enacted or substantively enacted by the end of the reporting period. The measurement

of deferred tax liabilities and assets reflects the tax consequences that would follow from the

manner in which the Company expects, to recover or settle the carrying amounts of its assets and

liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items

that are recognised in other comprehensive income or directly in equity, in which case, the current

and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Assets that are held by the Company under leases which transfer to the Company substantially all

the risks and rewards of ownership are classified as being held under finance leases. Leases which do

not transfer substantially all the risks and rewards of ownership to the Company are classified as

operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value

at the inception of the lease or, if lower, at the present value of the minimum lease payment. The

corresponding liability to the lessor is included in the statement of financial position as a finance

lease obligation. Lease payments are apportioned between finance expense and reduction of the

lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability.

Finance expenses are recognised immediately in profit and loss account.

Operating lease payments are recognised as an expense on a straight- line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are

recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental

expense on a straight - line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Related parties

For the purposes of these financial statements, a party is considered to be related to the Company if

any of the following are applicable:-

(1) The party has the ability, directly or indirectly, through one or more intermediaries, to control

the Company or exercise significant influence over the company in making financial and operating

policy decisions, or has joint control over the Company.

(2) The Company and the party are subject to common control

(3) The party is an associate of the Company

(4) The party is a member of key management personnel of the Company or the Company's parent,

or a close family member of such an individual.

(5) The party is a post - employment benefit plan which is for the benefit of employees of the

Company or of any entity that is a related party of the Company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2016 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Land and

Short

Plant and

Buildings

leasehold

machinery

£

£

£

COST

At 1 June 2016

387,595

46,512

1,067,393

Additions

-

-

196,077

Disposals

-

-

(250,367

)

At 31 May 2017

387,595

46,512

1,013,103

DEPRECIATION

At 1 June 2016

64,128

15,504

467,722

Charge for year

6,186

7,752

107,304

Eliminated on disposal

-

-

(190,756

)

At 31 May 2017

70,314

23,256

384,270

NET BOOK VALUE

At 31 May 2017

317,281

23,256

628,833

At 31 May 2016

323,467

31,008

599,671

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 June 2016

53,031

162,267

1,716,798

Additions

1,533

29,150

226,760

Disposals

-

(64,321

)

(314,688

)

At 31 May 2017

54,564

127,096

1,628,870

DEPRECIATION

At 1 June 2016

19,929

104,627

671,910

Charge for year

5,195

20,040

146,477

Eliminated on disposal

-

(57,695

)

(248,451

)

At 31 May 2017

25,124

66,972

569,936

NET BOOK VALUE

At 31 May 2017

29,440

60,124

1,058,934

At 31 May 2016

33,102

57,640

1,044,888

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

£

COST

At 1 June 2016

347,095

Additions

114,261

Reclassification/transfer

159,641

At 31 May 2017

620,997

DEPRECIATION

At 1 June 2016

77,819

Charge for year

77,885

Reclassification/transfer

23,946

At 31 May 2017

179,650

NET BOOK VALUE

At 31 May 2017

441,347

At 31 May 2016

269,276

5.

DEBTORS

31.5.17

31.5.16

£

£

Amounts falling due within one year:

Trade debtors

499,624

821,448

Other debtors

16,490

17,157

516,114

838,605

Amounts falling due after more than one year:

Other debtors

272,412

-

Aggregate amounts

788,526

838,605

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Finance leases (see note 8)

115,797

63,461

Trade creditors

163,742

261,403

Taxation and social security

102,226

231,646

Other creditors

17,403

108,969

399,168

665,479

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Finance leases (see note 8)

329,206

222,733

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

31.5.17

31.5.16

£

£

Net obligations repayable:

Within one year

115,797

63,461

Between one and five years

329,206

222,733

445,003

286,194

Non-cancellable

operating leases

31.5.17

31.5.16

£

£

Between one and five years

487,500

-

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £124,242 were paid to the director .

During the year the company repaid loans to the director of £151. At the balance sheet date the

company owed the director £273 (2016: £424) and this is included in other creditors.

10.	ULTIMATE CONTROLLING PARTY

Mr S Buck. a director of the company, controls the company as a result of controlling, directly 99%

of the issued share capital of the company.

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Marble Ideas Limited for the year ended 31 May 2017 which comprise

the Income Statement, Balance Sheet, and the related notes from the company's accounting records and

from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Marble Ideas Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Marble Ideas Limited and state those matters that we have agreed to state to the director of Marble Ideas Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Marble Ideas Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Marble Ideas Limited. You consider that Marble Ideas Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Marble Ideas Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PKB Accountants Limited

Chartered Certified Accountants

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

21 December 2017